Watching it now. Still not happy about the race/faction lock. (if it's still in and I kinda get why. I mean, can you imagine if 9 out of ten Stormcloaks were Argonians, Khajiit or Altmer?)
First of all, first-person combat actually looks neat and indeed like the single-player games. A tad too fast for my liking, but maybe that is just them making the trailer footage as exciting as possible while saving precious seconds by speeding it up a bit. I hope so. My reflexes suck.
Also neat lightning effect on that hammer.
~7:30: An Ogrim! I haven't seen those Daedric big fellas in ages!

Ok, I skipped ahead when they started saying what mmos are. Sorry, but I have a short attention span. I do really like the look of the combat system but again, too fast so hopefully they slow it down a tad. I also wish I saw more fighting that wasn't dual-wielding. It does seem that singleweapons can block though. The quick spellcasting was hotkey-based I guess and the equivalent of all the skillslots in most mmos.
Enchanting effects are gorgeous. No more static fade-in fade-out glows wrapped around the weapon!
The Daedroth looked a tad different than I thought, but I like the more outworldly stonelike skin. I mean, it's a demon from a different dimension.
I didn't get a close-up (maybe in a part I missed), but Argonians seem to be based on Skyrims. And Skyrim Argonians rock! Oblivion ones looked kinda cute and innocent, but I like the ones who mean bussiness.